Skip to main content

tv   Asia Business Report  BBC News  January 19, 2018 1:30am-1:46am GMT

1:30 am
our top story: scientists say 2017 was the warmest year ever recorded without the el nino effect. president trump has said that it's possible the us government could be forced to shut down as congress tries to break a deadlock over legislation. democrats say they won't support any bill without protection for undocumented immigrants. and this video is trending on bbc.com. it's an unexpected visitor for researchers in antartica, when up pops a penguin. the penguin takes a little look around the boat before realising it's not the quite the icy landing he was looking for and jumps back into the water. that's all from me for now. stay with bbc news. and the top story here in the uk: the uk is in the grip of the worst flu season for seven years. the latest figures show that the number of people who went to their gp with suspected flu
1:31 am
in england rose by 40% in the past week. now on bbc news all the latest business news live from singapore. uberand uber and softbank finally reach a deal. the japanese firm is then largest stakeholder in the firm now. and is president trump following through on his promise to bring jobs back to the us as he wraps up his first year in office? welcome to asia business report. the deal is finally sealed. a group of investors led by the japanese firm softbank is taking a large stake in uber. the arrangement will make the ridesharing compa ny‘s co—founder
1:32 am
arrangement will make the ridesharing company's co—founder and ceo of very rich man. earlier i asked our north american technology reporter why it had taken so long to get a deal. there were a number of moving parts. on the one hand we had uber‘s continuing controversies about information breaches, sexism and various lawsuits they were involved in and there was a lot to work through when it came to the nature of the deal. for example, softbank group and the investors in the deal or the shares from existing employees and investors at uber and also as part of the deal they negotiated two board seats, which will be taken by softbank. the process of getting all of those things are blind to the point where this was agreed to a long time. it was finally announced today. now this huge deal, which pumps a lot of cash into uber, has finally been completed. when president trump took office one year ago his big promise
1:33 am
was to bring morejobs office one year ago his big promise was to bring more jobs to the united states. one of the biggest deals to be announced since he took charge was a $10 billion investment by a taiwanese company. but the government is giving the firm billions of dollars in tax breaks and many are wondering if it will all pay off. our correspondent reports. the last winter for these fields of corn. by next year, farms and homes here will make way for a bustling fa ct here will make way for a bustling fact it churning out digital displays. if all goes to plan thousands of jobs displays. if all goes to plan thousands ofjobs will be created. in exchange for hefty tax breaks. it isa in exchange for hefty tax breaks. it is a big dealfor a small community. the top story in the local newspaper. everyone has an opinion force. i'm generally for it. i think it will be positive for the area for operating the lot of general
1:34 am
contractors and industries in the area will benefit. but on the flipside we are spending too much money in a quick amount of time. flipside we are spending too much money in a quick amount of timeli feel like we've spent more than seems reasonable. we've stepped out of bounds and kind of got pulled into doing this. let's give them anything we want. the taiwanese firm foxconn says 13,000 jobs will be created in wisconsin and it will invest at least $10 billion. but the company will get $3 billion in tax credits. and overall it could cost the government has much as $4.5 billion. the deal was announced in july last year by president trump in the white house. the biggest since he took office. if i didn't get elected he definitely would not be spending $10 billion. the money could transform lives in the two counties. it is people from
1:35 am
blue—collar communities and small towns like this that donald trump managed to convince the vote for him and while the past has seen a fair amount of announcements from big business, promising to increase investment and create jobs business, promising to increase investment and createjobs in america, it is unclear yet as to whether they will deliver and what it will cost the country. so what happens if foxconn‘s plans for through i ask a local official. happens if foxconn‘s plans for through i ask a local officialm is pay—as—you—go and foxconn‘s terms are based on the number ofjobs, or if they don't meet that they don't get the incentive. foxconn didn't respond to certain questions but says it is committed to creating 13,000 jobs in wisconsin. state that swung in president trump's favour is hoping it made the right choice. —— the state. indian officials are cutting the tax rates on some products and services under the new woods and services tax, or gst. federal and under the new woods and services tax, or gst. federaland state finance ministers have agreed to put
1:36 am
the lower rates in place starting the lower rates in place starting the 25th of january. this move comes after many businesses raised concerns about high rates and a complicated filing system. we can 110w ci’oss complicated filing system. we can now cross live over to mumbai. our indian business reporter joins now cross live over to mumbai. our indian business reporterjoins us. urging the bleak businesses are happy about this decision. what are they saying? well, this is good news for many businesses that have complained about the high rate of taxation and the complicated filing system for the gst is the unified single tax that replaced multiple state taxes. it is especially useful for products that cross the number of state orders, but the process is very complicated. for example, it is online and many businesses in india don't even have a computer. but this decision to change the tax is on 29 products and 50 services is as much for businesses as the government. the government is very worried about
1:37 am
compliance. it inks many businesses are evading tax and so by lowering these taxes it hopes many people will get into this system and the pa rt will get into this system and the part of the tax system. the government is under a lot of pressure to meet its fiscal deficit this financial year. every since gst came in lastjuly, the tax revenues have really gone down. growth has also slowed, the government really wa nts g st also slowed, the government really wants gst to try and boost growth. but this is a 25th meeting of the gst council and this is one of several changes that have happened since lastjuly, so there's likely to bea since lastjuly, so there's likely to be a lot more ups and downs for india's businesses in the months and yea rs india's businesses in the months and years to come. thank you so much for bringing us up with that story. nearly three centuries after some scots men hit pebbles with sticks, golf has grown into a nearly $70 billion industry. asia has being
1:38 am
seen billion industry. asia has being seen as a billion industry. asia has being seen as a promising market, but is that still the case? golf tournament have struggled to find sponsorship and prize money has also shrunk. our business reporter mariko oi is at a very different change of scene, at the singapore open. we must all of the singapore open. we must all of the action! that's right. the second day of the tournament is well under way and some of the worldtop golfers are here at the singapore open, sponsored by japan's snbc. here at the singapore open, sponsored byjapan's snbc. the banks just announced it would extend sponsorship another three years, which is great news for the organisers because when barclays pulled out in 2012 the event had to be put on hold. ijoined by the promoter. and thejoining us. read news about the extension of the sponsorship, but tell me what is in it for the big corporations to sponsor sporting events like this?” think looking at snbc, they were
1:39 am
looking at an asset they could align their brand with. with their asia—pacific head waters here in singapore, this was the ideal location and they saw the singapore open asa location and they saw the singapore open as a very premier sporting event, not just the open as a very premier sporting event, notjust the premier golf event, notjust the premier golf event, what a sporting event, and it ticks a lot of boxes for them because of the location, the venue, the ability to promote themselves in the ability to promote themselves in the region and globally. but the prizemoney used to be some $6 million with barclays and it is now down to $1 million. is the money drying up in the industry?” down to $1 million. is the money drying up in the industry? i don't think so. we are still seeing corporations investing in golf. the prizemoney isn't really a reflection of the quality of the tournament. that's what we feel. it's really about the delivery of the event, the spectator experience, the sponsor experience, the amount of exposure it get and obviously we have the top layer is still coming and playing, so layer is still coming and playing, so they recognise the event as a
1:40 am
premium golf tournament and that's what it is about, not the prizemoney. would you say there has been pressure on these banks especially when they were going to the financial crisis and so on, that they shouldn't be throwing these big bucks at sporting events?” they shouldn't be throwing these big bucks at sporting events? i think there's always pressure and i think they need to be very careful as to what they select, what sort of sporting properties or any property, whether it is entertainment or lifestyle and so on. do they have to have very compelling reasons. i'm sure they go through a very lengthy internal process to make sure it's not going to compromise their reputation in any way. what about the number of golfers? we saw a sharp decline in the us and the uk andjapan. at sharp decline in the us and the uk and japan. at about the rest of asia? i think golf is in a relatively healthy position in asia, especially in southeast asia. we are seeing steady growth in the countries that have traditionally had good participation, places like thailand, the philippines, indonesia is picking up, malaysia, even
1:41 am
singapore, despite the lack of facilities, it has been well documented. and i think it's good to see the younger kids taking an interest and i think a lot of that has to do with the players that are at the top of the pile these days. thank you so much. and of course golf is now part of the olympics, so that must be a boost as well. thank you. that rings as to the end of this edition of asia business report. thanks for watching. the top stories this hour: the year 2017 was among the hottest years recorded on earth, according to us scientists, even without the el nino effect. in the us, republicans and democrats battle to agree to legislation to avert a government shutdown, as friday's deadline looms. severe gales have caused disruption across much of the uk with gusts
1:42 am
of over 80 mph. tens of thousands of homes have been without power for much of the day in east anglia and the south—east of england. robert hall reports. a warning of what was to come. the vital cargo link with the channel islands ploughing through gales and high seas as the latest weather system barrelled in. ahead injersey, mountainous seas breaking over the island's lighthouse, and more alerts warning of coastal flooding. in england, the wind howled through the night, with gusts of more than 80 mph recorded in east anglia. communities have been warned to expect disruption, if anything it was even more widespread than had been expected. this is the main rail line between ipswich and norwich. trees brought down power lines and blocked sections of track causing major disruption. at norwich station, trains were still going nowhere by mid—morning. in ipswich, frustrated travellers
1:43 am
moved to buses or simply went home. we were going to get the 11 o'clock from liverpool street, it didn't run so here we are. it's tiresome but it happens. along a series of major routes, including the m25, the traffic ground to hold for mile after mile. damage to buildings and to woodland was also extensive. this pub near clacton in essex lost most its roof. in county after county, local authorities were at full stretch as they tried to clear trees and other hazards from roads and pavements. trees which all too often left families and businesses without power. more than 100,000 in the midlands and east anglia. through last night and today, these repair crews have been moving from call to call. in the east of england alone, there are 300 of them at work and by the time tomorrow morning dawns it
1:44 am
will have covered around 900 locations. this call centre in ipswich brought in extra staff to deal with the rising number of lines down. first light this morning when the winds hit, we were out there. as soon as it's safe to climb we were climbing, putting those wires back up. in the north of england and in scotland, more snow to compound the difficulties on transport links. these pictures filmed in northumberland were typical, as police again warned drivers not to use the roads unless it was absolutely necessary. the gales may have left us again, but winter has us in a firm and often beautiful grip. hello, i'm sarah mulkerrins, and this is sport today, live from the bbc sport centre. coming up on the programme: as the temperatures soar
1:45 am
in melbourne, world number one rafa nadal may well be grateful to be under the lights later, in the third road of the australian open. terrific tommy fleetwood leads the way in abu dhabi, looking good to defend his title. and why defending champion ronnie o'sullivan said he was glad to be out of the 2018 masters snooker. welcome the programme. let's begin then in melbourne, where it's day five at the australian open and play is already under way in scorching heat. temperatures could soar past 40 degrees celsius. so let's head live to melbourne park and our reporter gigi salmon. nadal glad to be in the evening session no doubt, no such relief for britain's kyle edmund. he's certainly is. nadal is

62 Views

info Stream Only

Uploaded by TV Archive on